Parliament has passed the Companies Amendment Bill.
While speaking on the bill, Attorney General Aiyaz Sayed-Khaiyum said some of the changes that will take place now include the increase of preferential payment to employees from $600 to $6,000.
He says in the event if a company is wound up, the employees must be given money up to $6,000 if they are owed wages by that company.
In another change, people who have not filed their annual returns will now be given a year to comply with the provisions.
Opposition MP Aseri Radrodro highlighted during the debate that the government had engaged an overseas consultant in compiling the 2016 Companies bill which took a lot of time.
Radrodro then raised concerns why overseas consultants are engaged when they cannot address small errors and amendments.
Sayed-Khaiyum said the bill was sent to a committee which recommended some changes and was accepted by Parliament.
He then said that the opposition was absent on the day the bill was supposed to be debated in parliament.
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